American fashion retailer Express has recorded a $36.8m net loss in the third quarter (Q3) of fiscal 2023 (FY23), compared to a net loss of $34.4m in the same period in FY22.

The retailer reported a loss per diluted share of $9.83 in Q3 FY23, compared to $10.09 in the same quarter of the previous year.

Its earnings before interest, taxes, depreciation, and amortisation were negative $17.1m in Q3 FY23, compared to negative $14.5m in Q3 FY22.

During the quarter ending 28 October 2023, Express reported consolidated net sales of $454.1m, up 5% from $434.1m in the same period a year previously.

Net sales for the company’s Express and UpWest brands dropped by 7% to $402.0m, and net sales of Bonobos were $52.1m.

The comparable retail sales, including Express stores and e-commerce, were down 4% from 2022 and comparable outlet sales also decreased 13% against the same period.

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By GlobalData

Express chief executive officer Stewart Glendinning stated: “During the past three months, I have had the opportunity to assess our operating capabilities, organisational structure and processes, marketing and customer acquisition abilities, and merchandise and product strategies.

“Express has the right building blocks in place with a strong portfolio of brands, a high-potential partnership with WHP and a premier omnichannel platform. Our efforts to unlock our full potential and improve our performance are already underway.”

Considering the challenging macroeconomic environment, Express has predicted net sales for the full year to be approximately $1.840bn to $1.865bn.

It also expects a diluted loss per share of between $46.00 and $50.00.

The company continues to review its business model and expects to deliver more than $200m in annualised savings by 2025 against 2022.

In 2023, the retailer aims to reduce costs by $80m, of which it has already delivered $30m.